2014 December 07 Sunday
Gigamansions: Billionaires Squeezing Out Millionaires
A lot of it is flight capital.
“Twenty-thousand-square-foot homes have become teardowns for people who want to build 70-, 80-, and 90,000-square-foot homes,” Los Angeles City Councilman Paul Koretz said. So long, megamansion. Say hello to the gigamansion./p>
The neighbors with 30k square foot houses are fighting 60k-90k square foot houses.. In some cases the neighbors do not want Gulf oil Arabs moving in. But in other cases they do not want people also do not want the trucks, construction noise, and taller buildings that can spy down into neighboring yards.
Laura Tyson says rising inequality is bad. When her article here showed up on Twitter I responded asking her if this means immigration is bad. No response so far. After all, immigration is bringing in the rich and poor and not so much the people in between.
Such a high level of inequality is not only incompatible with widely held norms of social justice and equality of opportunity; it poses a serious threat to America’s economy and democracy.
The middle class is shrinking. The bottom and top are growing. The nation is also splitting more deeply between the Republican and Democratic Parties with deepening regional and racial splits. People are moving away from those who differ in values, allegiances, and interests. Apply a strong stressor to this system (say an economic depression) and then what happens?
By Randall Parker at 2014 December 07 10:53 PM
There are two reasons the American middle class is shrinking:
1) The high trade deficit of the US is making middle class jobs scarce, and salaries are going down faster than the prices of imported goods that elites used to claim that this is intended to benefit the middle class.
2) The US immigration policy does not favor the higher quality applicants with better test scores, better education and skills. The main beneficiaries of the failed US immigration policy are those rival advanced countries that have a "point system" for immigration where the applicants who have more diplomas and skills are given much higher priority. These countries include Canada, Australia, New Zealand, etc, and many immigrants are beginning to prefer such countries that are more pristine and livable than the US. One measure of the absurdity in the current system of immigration in the US is that the government even refused to abolish the ridiculous lottery system that arbitrarily fills a quota. It would be better to replace this lottery system with a cognitive quota where smart and accomplished students would be chosen.
Use some jargon-like buzz phrases:
"Stop importing poverty!"
"Stop importing inequality!"
What we are doing is importing people with hundreds of billions of dollars, much of which has been earned via corruption. It's exactly what happened to London, pricing the natives out of their own country as the foreigners, esp. Russian oligarchs, took over.
You think the people who earned it corruptly abroad will behave admirably in the USA? Not a chance.